EU Agrees in Principle on Iran Oil Embargo

European Union member states agreed in principle to work toward an oil embargo on Iran but differences remain on details of the plan, The Wall Street Journal reported.

Greece, which was leading the opposition to an embargo, said via a source to Dow Jones Newswires earlier Wednesday it wouldn’t stand in the way should one be enacted. Other EU countries with weaker economies have voiced concerns about moving too fast, the Journal story said.

“There is a converging consensus in principle on an oil embargo,” said one diplomat, to the Journal. “I don’t see any fundamental opposition.”

Diplomats said to the Journal there was still disagreement over when the embargo would enter into force, and what to do about existing contracts.

France has been out in front, with support in principle from the U.K. and Germany, calling not only for an oil embargo but also sanctions on Iran’s central bank, the Journal story said.

But countries such as Greece, Spain and Italy import much of their oil from Iran and higher prices that would come with sanctions could be a major hardship for their weakened economies.

A diplomat talking to the Journal said there still isn’t EU agreement on any measures against the central bank. U.S. President Barack Obama signed sanctions into law on Saturday that target the central bank, Bank Markazi.

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